The deal, signed on July 24 in London, provides India with 99% preferential access to the UK market – mostly at zero duty – while protecting domestic farmers and industries from potential disruptions. “We have not opened these sectors for the UK. There has been zero compromise, and the benefits are extensive. This makes it a phenomenal FTA,” Goyal told reporters.
He emphasized that the agreement reflects India’s growing influence globally and will enhance exports of labour-intensive products such as textiles, footwear, and gems and jewellery. It will also create a stable, predictable trade framework, strengthening India’s role as a trusted partner in British supply chains.
Goyal highlighted that India remains the fastest-growing large economy, supported by decisive leadership, a rising middle class, and a strong demographic dividend. “India is becoming a preferred global partner. This historic agreement will open doors to the developed world,” he said.
The UK government, he noted, has described the pact as its biggest trade agreement post-Brexit. Covering 30 chapters, the deal spans areas including gender, environment, intellectual property rights (IPR), and regulatory cooperation.
Goyal also said the FTA would complement India’s ongoing negotiations with the EU, the US, and other nations, aiming to boost market access for sectors such as agriculture, pharmaceuticals, marine products, and textiles.
Additionally, the minister announced that six British universities are set to establish campuses in India, enabling Indian students to obtain UK degrees at nearly one-fourth the current cost.
According to Goyal, India has adopted a pragmatic approach in trade policy. Unlike earlier agreements with direct competitors, the government is pursuing FTAs with countries whose strengths align with India’s export ambitions.